Property Type

DAUM Commercial Brokers Sale of Automotive Retail Building, Lot Adjacent to LAX

by Amy Works February 16, 2021

LOS ANGELES — DAUM Commercial Real Estate Services has negotiated the sale of an automotive retail building and lot located 9220 S. Sepulveda Blvd. in Los Angeles. S.A.S Services Group acquired the asset from a private partnership for $3.5 million. Situated adjacent to Los Angeles International Airport (LAX), The property includes a 1,114-square-foot building sitting on a 10,454-square-foot land parcel in a corner location in close proximity to a new parking and car rental development. Kurt Yacko, Dennis Sandoval and Brian Sandoval of DAUM represented the seller in the deal.

February 16, 2021

Acquisitions California Data Centers Industrial Western

Capital Source 1031 Acquires 16,529 SF Data Center in La Mirada, California

by Amy Works February 16, 2021

LA MIRADA, CALIF. — Capital Source 1031 has purchased an all-purpose data center, located at 16680 Valley View Ave. in La Mirada, for an undisclosed price. The property was acquired for CS1031 California Data Center, a Delaware statutory trust. Cogent Communications, an internet service provider, occupies the 16,529-square-foot building. Cogent delivers internet, ethernet and colocation services to more than 88,100 customers in more than 207 markets and 47 countries across the globe. The tenant has more than 13 years remaining on its double-net lease with annual rental increases of 3 percent through the initial term and two five-year renewal options. Jeffrey Jackson of CBRE Capital Markets represented the undisclosed seller, while Capital Source 1031 was self-represented the in the deal.

February 16, 2021

California Market Reports Multifamily Western Western Market Reports

Inland Empire Multifamily Sales Volume Down, but Economics Stronger than Ever

by Jeff Shaw February 16, 2021

By Cray Carlson, CBRE With 2020 coming to an end, we look back at a year of much uncertainty, confusion and unprecedented restrictions. Yet amidst all that, the Inland Empire multifamily market has been going steady, continuing to thrive in spite of some substantial drops in sales volumes. Total multifamily sales of eight units and larger in the Inland Empire were $2.5 billion in 2018 and $2.1 billion in 2019. That compares with only $1.09 billion in 2020, as of October. We expect total sales volumes in the area could ultimately show a reduction of up to 40 percent for the full year. So, how is the Inland Empire maintaining its title as one of the strongest apartment markets in the nation? Collections A recent housing and employment study examined the ability for renters to make their rent payments. The Inland Empire led the category of households caught up on those payments. Respondents also indicated a high confidence level in their ability to meet their future lease obligations. Among the 15 metros surveyed, the Inland Empire ranked second. Vacancy Rates Rent vacancies have decrease in the Inland Empire to as low as 3.7 percent as rent growth has risen 6.2 …

February 16, 2021

Development Industrial Texas Top Stories

Rastegar to Build 530,000 SF Industrial Park Near Tesla’s Gigafactory in Austin

by John Nelson February 16, 2021

AUSTIN, TEXAS — Rastegar Industrial, a division of Austin-based Rastegar Property Co., plans to build a 530,000-square-foot industrial park in Austin. The developer is targeting a third-quarter 2022 delivery and has tapped Newmark to market the property for lease. The unnamed project will span 50 acres near State Highway 130 at 11708 McAngus Road, which is within an opportunity zone. The development will be situated near Tesla’s new Gigafactory, as well as Austin-Bergstrom International Airport. “Austin is one of the fastest growing metros in the United States. The world’s greatest tech companies and manufacturers are all moving to the region, creating an imminent need for more industrial space,” says Ari Rastegar, founder and CEO of Rastegar Property Co. “State Highway 130 stretches all the way down to San Antonio and provides an alternative route to heavily congested Interstate 35, making it appealing to industrial facilities for distribution. It is the most active corridor in the entire region.” Also along the State Highway 130 corridor, Chanel is completing a manufacturing facility and Formula 1 racetrack Circuit of the Americas is being redeveloped to include a hotel and water park. Rastegar is banking on the high demand for contiguous industrial product in …

February 16, 2021

Development Multifamily Southeast Tennessee

McShane Breaks Ground on 322-Unit Novel Harpeth Heights Apartment Community in Nashville

by John Nelson February 15, 2021

NASHVILLE, TENN. — McShane Construction Co. has broken ground on the 322-unit Novel Harpeth Heights in Nashville on behalf of the developer, Crescent Communities. The multifamily property is located in Nashville’s Bellevue neighborhood at 615 Old Hickory Blvd. Positioned on a 22-acre site on Nashville’s southwest side, Novel Harpeth Heights will feature studios, one-, two- and three-bedroom apartment homes ranging in size from 549 to 1,529 square feet. The development will incorporate nearly 28,000 square feet of shared amenity space for tenants, including a fitness and movement studio, game room patio with fire pit, dog spa, gear lounge, library, business center with micro offices, demonstration kitchen with bar and dining lounge and a dog park. McShane began demolition in early February and plans to begin site work in six to eight weeks. The contractor expects to deliver Novel Harpeth Heights in October 2022, and the first residences will be available for occupancy in late 2022. HEDK Architects is the architect of record. Crescent Communities is a Charlotte-based, real estate investor, developer and operator of mixed-use communities.

February 15, 2021

Development District of Columbia Office Southeast

Nuveen, Norges Bank Complete $18M Renovation of Franklin Square Office Building in D.C.

by John Nelson February 15, 2021

WASHINGTON, D.C — Nuveen and joint venture partner Norges Bank Investment Management have completed the $18 million renovation of the Franklin Square office building at 1300 Eye St. NW in Washington, D.C. Will Stern, Eli Barnes, Lauryn Harris and Alston Offutt of Avison Young have been the leasing representatives for the 485,000-square-foot building for over 15 years. Washington, D.C.-based architecture firm Hickok Cole designed the renovation, which began in 2020. Some of the new features to the building involve the three-story glass entrance and include contemporary lighting and glass, soft-seating collaboration areas, new modern artwork, an in-lobby barista-operated café and lounge, additional modern security measures, new elevator cabs and elevator mechanical systems. Additional renovations include a 10,000-square-foot conference facility, six conference rooms, breakout areas, a catering kitchen, a 5,000-square-foot fitness facility, an onsite fitness trainer providing classes for building tenants and a bicycle room with bike maintenance stations, lockers, towel service and changing rooms. The building is LEED Gold-certified and features advanced air filtration via the building’s VAV HVAC system using MERV 15 air filters. An events/hospitality manager will be onsite to oversee the new facilities and help coordinate tenant events. The building also features a new mobile app that …

February 15, 2021

Florida Loans Multifamily Southeast

NorthMarq Arranges $38.2M Loan for The Shore Apartments in Lakeland, Florida

by John Nelson February 15, 2021

LAKELAND, FLA. — Robert Hernandez of NorthMarq’s Tampa regional office has arranged the $38.2 million Fannie Mae Green Rewards loan for The Shore Apartments, a newly constructed, 300-unit multifamily property in Lakeland. The permanent, fixed-rate loan was structured with a 10-year term on a 30-year amortization schedule. The loan includes five years of interest-only payments. Built in 2019-2020, The Shore features 15 three-story residential buildings spread across a 65-acre site. The lakeside property is located at 5680 Waterside Blvd., about 58 miles from Orlando. The Shore’s community amenities include a private lake, resort-style pool and spa, cabanas with outdoor kitchen, fire pit, gas grills, walking trail with fitness stations, playground, dog park, 54-detached garages for rent, two electric car charging stations, car care center, clubhouse, cyber café with coffee bar, theater room, business center, 24-hour fitness center and yoga and spin room. The Shore’s unit interiors feature nine-foot ceilings, walk-in closets, full-size washer and dryer and a private screened-in balcony and most units offering views of the lake and nature preserve. At loan closing, the property was 100 percent occupied.

February 15, 2021

Development Office Retail Southeast Virginia

T-Mobile Opens 131,000 SF Customer Care Center at Former Sam’s Club in Richmond

by John Nelson February 15, 2021

RICHMOND, VA. — T-Mobile U.S. Inc. has opened a 131,000-square-foot customer care center at White Oak Village, a mixed-use development in Richmond. Aston Capital converted a vacant, former Sam’s Club at White Oak Village into new Class A office space for T-Mobile. The Bellevue, Wash.-based mobile phone carrier is relocating approximately 500 employees from Richmond’s Short Pump area to the building with plans to eventually grow the staff to over 1,000. Charlotte-based Aston Capital acquired the White Oak Village building in February 2020 through an affiliate company, AC Richmond. The company then made renovations to the property, including a new exterior facade and renovated parking and landscaping. The firm also added employee amenities including exercise rooms, gaming room, onsite café and mother’s room. The $30 million project, which is adjacent to more than 900,000 square feet of retail, offices, restaurants and hotels at White Oak Village, was completed in October 2020. Since 2015, Aston Capital has repurposed over 500,000 square feet of former retail properties. Frampton Construction was the general contractor on the conversion and interior upfit, Timmons Group provided civil engineering services and McMillan Pazdan Smith Architecture and JPC Architects were the architects on the project.

February 15, 2021

Acquisitions Hospitality Louisiana Southeast

HREC Brokers Sale of Sheraton Galleria Metairie Hotel in Metairie, Louisiana

by John Nelson February 15, 2021

METAIRIE, LA. — HREC Investment Advisors has brokered the sale of the 181-unit Sheraton Galleria Metairie Hotel located in Metairie. Len Wormser of HREC exclusively represented the seller, Hotel Capital LLC, in the transaction. Barry Swanson, Michael Salloway, Ketan Patel and Scott Stephens of HREC assisted in the transaction as well. The buyer, Atlanta-based Generation Hospitality, will manage the hotel. The sales price was not disclosed. The Sheraton Galleria Metairie Hotel is located at Four Galleria Blvd. and is five miles from the New Orleans Botanical Garden and seven miles from Louis Armstrong New Orleans International Airport. The property’s rooms feature free Wi-Fi, flat-screen TVs, mini fridges, safes and coffeemakers, as well as room service. Other hotel amenities include a restaurant/bar, a convenience shop, gym, rooftop pool and event space. Hotel Capital LLC is an Indianapolis-based, private equity real estate investment firm.

February 15, 2021

Development Office Texas

CHRISTUS Health to Develop 400,000 SF Corporate Office Building in Irving

by Taylor Williams February 15, 2021

IRVING, TEXAS — CHRISTUS Health, a faith-based healthcare provider, will develop a new 400,000-square-foot corporate office building that will be located on a 4.2-acre parcel within Irving’s Las Colinas district. BOKA Powell is designing the building, which is expected to be complete in 2023 and will include outdoor patios, conference rooms and large areas for collaboration. Fidelis Healthcare Partners represented CHRISTUS Health in its site selection and pre-development planning. CHRISTUS Health, which is already headquartered in Irving, has a real estate footprint comprising almost 350 services and facilities, including more than 60 hospitals and long-term care facilities and 175 clinics and outpatient centers.

February 15, 2021

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